A small business is a private legal entity with limited civil liability, therefore, its participants are not liable for outstanding obligations of the small business with their property. A small business in Lithuania can be built up by a maximum of 10 individuals. In principle, a small business can carry out any type of activity that is not prohibited by law.
When building up a small business, the minimum authorized capital is not needed, but its participants pay contributions in the amount established at the meeting of community members. The earned profit is usually distributed in proportion to the size of the members’ contributions. A small business is managed by a meeting of members or a meeting of members and a manager. However, it should be noted that the law does not specify exactly how members of the community should share profits and deal with other operational issues, therefore, without first establishing a clear decision-making procedure, enterprise management in this form of business may become more complicated.
Building up a small business (SB): where to start?
To build up your own company and choose an SB, first of all, pick its name, collect the details of the founders and determine its registered address. If you are building up a small business as a single entity, you just need to prepare a registration act and regulations, but if you are not building up a company alone, it is important to conclude a contract for the formation of a small business and get the signatures of all its founders. Compared to building up a CJSC, building up a SB is much easier and takes less time, but it is still important to register it correctly.
The most important advantages of small business in Lithuania are:
- Limited liability of participants – if a business fails, members of a small business risk only the paid contribution, thereby protecting their property or the property of their family.
- The formation does not require a minimum authorized capital.
- It is not necessary to have a manager.
- Members do not have to have an employment relationship with the small business of which they are members.
- It is not difficult to get out of business – a member of a small business can easily sell or transfer the rights of a participant to other persons. Also, a participant can leave a small business by withdrawing the contribution paid by him or her.
Necessary data for the formation of a small business:
- Name of the company to be built up;
- Data of the founder(s): first name, last name, personal identification code and declared place of residence;
- Address of the registered company.
The most important disadvantages of a small business are:
- The founder and member of the company can only be an individual.
- A limited number of founders – a small business can be created by no more than 10 individuals.
- Without first establishing a clear procedure for profit distribution and voting, it may be difficult to resolve disputes between small business members in the future.
Building up a small business in Lithuania on the Internet
You can building up a small business in electronic and non-electronic form. When building up a SB in electronic form, you can use standard documents for creating a small business prepared by the Ministry of Economy and Innovation of the Republic of Lithuania. Thus, the buildup of a small business is greatly facilitated for a novice entrepreneur, since with the help of these model constituent documents, it is possible to quickly and simply prepare regulations, a constituent agreement or an act on registration of a small business that is being opened.
- Of course, standard documents for the creation of a small business can not always meet the needs of the business being build up, so the constituent documents of the SB can also be prepared independently, without following the already prepared sample documents. However, in this case, you will also need the services of a notary, who will have to confirm the authenticity of the prepared documents and their compliance with legal requirements. After the notary confirms that it is possible to register the small business you are building up, you will have to submit all the necessary documents to the Register of Legal Entities (“Center of Registers”) in the usual way, not electronically.
- Of course, if possible, we recommend that you use modern technologies and register your small business electronically. Registration of a SB via the Internet is much faster. You will be able to register a SB online within 2-3 working days, while with a notary the registration process can take a whole week. Also, do not forget that when visiting a notary, you will also have to pay for his or her services.
* Verification of documents of the State Enterprise “Center of Registers” may take from 1 to 3 working days.
What should you really know and think about before starting a small business in LITHUANIA?
- Address of the registered company. A small business is a legal entity and, like all legal entities, it must have its own legal address (registration address). If you have premises where you can register a company and there are no co-owners who object to this, there will be no problems with the address of the registered company. However, if you do not have such premises, the simplest solution would be to purchase a registration address from companies offering such a service.
- Capital formation. The founders of a small business must decide in advance on the amount and procedure for making contributions to the small business. In the usual case, cash or non-cash contributions can be made to a small business. The non-monetary contribution must be assessed by the property appraiser. Movable (furniture, computer equipment, etc.) and immovable (premises, land, etc.) property or property rights are considered non-cash contributions. Capital formation is a very important aspect of small business activity, since this stage is usually also closely related to the procedure of dividing the profits of small businesses.
- Small business (SB) management structure. No business can operate efficiently and successfully without a well—organized decision-making process, so perhaps the most important thing to think about before building up a SB is its management structure. In principle, a small business can be managed in two ways:
- Meeting of members of the small business – in this case, the meeting of members is the sole governing body of the legal entity. The Meeting of members may appoint one member of a small business as its representative and give him or her certain rights and responsibilities to manage the activities of the small business.
- Meeting of members and a manager of a small business – in this case, a small business is managed by a meeting of members and a manager of the small business, with whom an official (civil) contract should be concluded. It is important to remember that a member of a small business can also be the manager.
Since the most important decisions in the small business management are made by the Meeting of the SB members, it is very important to think about the organization of these meetings when considering the future business structure. Decisions at the meeting should be made by voting, and the number of votes of each member of a small business usually depends on the size of the contribution. A decision may be considered adopted if more than half of the votes of the members of the SB are earned for it. For making some strategic decisions (for example, distribution of annual profits, admission of a new member, payment of profits in advance, etc.), a two-thirds or even a unanimous decision-making mechanism can also be used. Of course, in the small business regulations, it is possible to establish a different procedure for organizing a meeting of its members, taking into account the needs of the business being built up.
- Conclusion of transactions. When developing a business, you have to constantly conclude various business transactions, so the transaction procedure is another organizational aspect that, if not thought through properly, can seriously complicate the opening of your SB and further business activities. Most often , the rights to conclude transactions are distributed in the following order:
- In the case when the management body of a small business is a meeting of its members, decisions on the conclusion of each transaction are made at a meeting of members of a small business. After making a decision to conclude a transaction, administrative actions for concluding a transaction are assigned to a representative of a small business.
- In the case when a small business has a manager , as the sole governing body, the manager has the right to act on behalf of the SB and conclude transactions independently. Of course, the regulations of a small business may provide for certain restrictions on the transactions of what value the manager of the SB can conclude himself, and which require approval by a meeting of members of the small business.
- Hiring employees. It’s no secret that when developing any business, you often have to hire certain employees who can contribute to the success of your business with their knowledge. What about small businesses? So, small businesses can hire employees and enter into employment contracts. Employment contracts must be concluded in accordance with the Labor Code of the Republic of Lithuania. The number of positions of employees and the salary paid to them are usually approved by a meeting of SB members. Employment contracts with employees should be concluded by a representative or head of a small business. An essential point to pay attention to is that a member of a small business him- or herself cannot have any employment relationship with a small business. Be sure to keep this in mind when planning SB activities!
- Profit distribution. Money is one of the most common causes of disagreements between business partners, so all procedures related to finance should be clear and unambiguous. The regulations of a small business should clearly establish the rules for the distribution of SB profits, the procedure for calculating the share of profits owned by a participant and other important nuances. It should be noted that small businesses are also distinguished by the fact that profits can be distributed here even before the financial year has passed, so the rules of the community should also clearly state the procedure for distributing profits in advance.
Accounting and taxes of small businesses
Having opened a small business in Lithuania and started an activity, you will inevitably face the need to record all financial transactions of the SB. After all, there will be many different economic and financial actions in your business that you will have to register, group, summarize and calculate on a regular basis. Properly conducted accounting of a SB will allow you to make an accurate balance of business, find out profit and loss, as well as calculate taxes payable.
The accounting of a small business is very similar to the accounting of a closed joint-stock company. Although it is not necessary to hire an accountant to manage the accounting of a SB and certain simplifications are applied (for example, at the end of the financial year you only need to prepare a balance sheet, a profit and loss statement and a simplified explanatory note), you definitely should not assume that SB accounting can be conducted as freely as accounting for an individual enterprise. However, the legislation provides for fairly clear and strict requirements that small business members will have to comply with.
A meeting of SB members usually decides who will be responsible for accounting for small businesses. The variety of options is really significant, since in a small business accounting records can be maintained by:
- One of the members of a small business
- A SB employee hired under an employment contract
- An individual accountant
- SB Accounting services of the company
Small business – taxes that will have to be paid
The main taxes of small businesses are:
- Corporate Income Tax. From 1 January 2026, the standard Corporate Income Tax rate in Lithuania is 17%. Qualifying small companies, including Small Partnerships (MB), may apply a reduced rate of 7% if their annual revenue does not exceed EUR 300,000 and they satisfy the applicable statutory conditions. Eligible newly established companies may benefit from a 0% Corporate Income Tax rate during their first two tax periods. From 2026, the previous general restriction limiting qualifying companies to 10 employees no longer applies. Additional ownership, related-party and business continuity requirements may affect eligibility. However, you can only use this condition if your SB has not been suspended for three consecutive calendar years, including the first year of operation, the SB has not been liquidated, reorganized or transferred to new participants. Similarly, members of a small business may not own more than 50% of the shares, shares or interests in other enterprises.
- Value Added Tax (VAT). The standard VAT rate in Lithuania is 21%. From 1 May 2025, businesses generally become liable for VAT registration when their taxable turnover from activities carried out in Lithuania exceeds EUR 45,000 during the current or preceding calendar year. VAT registration may also be required when the value of qualifying intra-EU acquisitions of goods exceeds EUR 14,000 during the current or preceding calendar year. Additional VAT registration and reporting obligations may arise from cross-border services and other transactions, even where the domestic turnover threshold has not been exceeded. Eligible businesses may apply the small business VAT exemption scheme, subject to statutory conditions.
- Property tax. If real estate is registered for a small business, then you may also have to pay property tax in the amount of 0.3 to 3 percent. The exact property tax rate is set by local municipalities.
- Social Security and Health Insurance Contributions. In 2026, members of Lithuanian Small Partnerships (MB) are generally subject to combined VSD and PSD contributions of 20.81% on the applicable contribution base for amounts withdrawn for personal needs. Until 30 June 2026, the contribution base was generally 50% of such withdrawals. From 1 July 2026, the contribution base increased to 90%. Members participating in supplementary second-pillar pension accumulation generally pay an additional 3% contribution. Statutory exemptions, minimum monthly PSD contributions and annual contribution ceilings may also apply.
Income from business activities is also taxed:
- Dividends of a small business member. Income from profits distributed by small businesses (dividends) is taxed at the rate of 15% personal income tax (GPM). This income is considered Class B income, therefore, at the end of a year, a SB member him- herself is obliged to file an income declaration with the tax inspectorate and pay the personal income tax (GPM) due.
- Funds are withdrawn for the personal needs of a member of a small business. Although a SB member cannot receive a salary from the community, he or she is entitled to receive benefits in the form of an advance payment of small business profits. Such income of a small business member is classified as income related to labor relations or relations corresponding to their essence, therefore, according to the payment procedure (GPM), it is considered class B income, from which the SB member him- or herself must declare and pay (GPM) at the rate of 20% of the amount. Also, out of 50% of the amount of funds withdrawn for personal needs, small businesses will have to pay 6.98% compulsory health insurance contributions (PSD) and 13.83% state social insurance contributions (VSD).
- Remuneration received by a Small Partnership (MB) member acting as its manager under a civil service agreement is subject to Personal Income Tax according to the rules applicable to such income. From 2026, a 15% rate generally applies to qualifying non-employment income within the annual threshold of 12 average national wages (EUR 27,745.80 in 2026). Amounts exceeding the applicable threshold may be subject to progressive rates of 20%, 25% and 32%, depending on the taxpayer’s total relevant annual taxable income. The classification, declaration requirements and applicable social insurance obligations must be assessed separately. This income is considered Class B income, therefore, after the end of a year, the manager of a small business him- or herself is obliged to file an income declaration with the tax inspectorate and pay the taxes due (GPM). Contributions (PSD) and (VSD) are not taxed on this income.
- Remuneration paid to a Small Partnership (MB) manager who is not a member of the MB under a civil service agreement is generally classified as Class A income, with the MB responsible for withholding and remitting the applicable Personal Income Tax. From 2026, the relevant tax rates depend on the income classification and the recipient’s total annual taxable income, with rates of 15%, 20%, 25% or 32% potentially applying. The former reference to a threshold of 84 average wages is outdated. Social security and compulsory health insurance contributions may also apply to remuneration received by a non-member MB manager. If the income exceeds 84 average wages (VDU), the income received will be taxed at the rate of 32 percent of (GPM). In 2026, remuneration received by a Small Partnership (MB) manager who is not an MB member under a civil service agreement is generally subject to combined social security and compulsory health insurance contributions of 15.70%, subject to applicable statutory rules and contribution ceilings. An additional 3% pension contribution may apply where the manager participates in supplementary second-pillar pension accumulation.
General information about Lithuania
Of all the countries located in the Baltic region, Lithuania is the most suitable for those foreigners who want to enter a new stage of business development, as well as obtain a leave to remain or citizenship in one of the stable and environmentally friendly countries in Europe.
After gaining independence, Lithuania quickly moved to a stable market economy. This was due to the active policy of the state and the support of business conducted by the government of the country.
Thus, Lithuania ranks 15th in the ranking of the world’s freest economies, 11th in terms of ease of starting a business, and 2nd in Europe in terms of investment attractiveness index.
Attracting foreign capital to Lithuania has become one of the highest priority strategic goals of the state. In doing this, the Lithuanian government focuses on creating new jobs with the involvement of Lithuanian specialists.
Opening a business in Lithuania has a number of the following advantages, including:
- Low employee maintenance costs compared to other EU countries
- Well-developed infrastructure
- Corporate Income Tax is 17% from 2026. A reduced 7% rate applies to qualifying small companies with annual revenue not exceeding EUR 300,000, subject to statutory requirements. Eligible newly established companies may qualify for a 0% Corporate Income Tax rate during their first two tax periods. The previous general restriction of 10 employees no longer applies.
- The possibility of entering the global EU market
- The possibility of VAT refund
- 4 languages of communication: Lithuanian, English, Russian, and Polish
- Minimum number of tax inspections
- Fast internet and advanced IT in all areas of business
- World’s fastest public Wi-Fi and highest broadband connection speed
Thanks to the latter advantage, Lithuania ranks first in Europe in the use of public online services, so 99% of entrepreneurs use this service in their activities.
leave to remain and citizenship in Lithuania
If you decide to move to the EU and start your own business, then Lithuania is a good place to start. Especially considering the fact that business immigration is the most common option for obtaining a leave to remain in Lithuania. Having a leave to remain makes it possible to enjoy all the privileges of European residency, including moving around the Schengen area, buying real estate, doing business, etc.
To obtain a leave to remain in Lithuania, a foreign entrepreneur should take into account the following:
- The company where the candidate for a leave to remain works must operate for at least 6 months before applying for a leave to remain,
- The amount of the authorized capital of the Lithuanian enterprise shall be at least 28,000 euros, of which at least 14,000 euros shall be funds invested by a foreign citizen
- The total value of the shares owned by a foreigner shall be at least 1/3 of the total value of the company’s shares
- The company employs at least 3 employees who are citizens of Lithuania or foreigners permanently residing in Lithuania
- The salary of the company’s employees (referred to in paragraph 4) shall not be less than 2 average monthly salaries in Lithuania
If a representative office or branch of a foreign enterprise is established, its director or specialist has the right to apply for a leave to remain in Lithuania if:
- He worked at a foreign company that is the founder of a representative office or branch for at least the last 1 year
- Professional knowledge or qualifications of the foreigner are necessary for the activities of a representative office or branch
The validity period of a Lithuanian temporary residence permit depends on the legal grounds for residence and the applicant’s individual circumstances. Residence permits based on business activities are generally issued for a period of up to two years, while other residence categories may have different validity periods. Eligible family members may apply for residence permits under the applicable family reunification provisions, subject to statutory conditions. The issuance of a residence permit to the principal applicant does not automatically guarantee residence rights for family members.
A Lithuanian temporary residence permit may provide a pathway to permanent residence, provided that the foreign national meets the applicable legal requirements. Permanent residence may generally be available after five years of continuous lawful residence in Lithuania, subject to permitted absence periods, integration requirements and other statutory conditions. Lithuanian citizenship by naturalisation generally requires at least ten years of lawful permanent residence in Lithuania, together with compliance with language, constitutional knowledge, income and other eligibility requirements. Citizenship is not granted automatically after five years of holding a permanent residence permit.
To obtain permanent residence, you need:
- To take an exam to confirm knowledge of the Lithuanian language
- To be sure to have health insurance
- Have a sufficient amount of funds and their confirmation (stable income) to live in the country for 5 years. The same must be confirmed by the relatives of the applicant, who also want to obtain a permanent leave to remain.
- Have a permanent place of residence in the format of rent, ownership rights or on the basis of the provision of housing for limited or unlimited use.
Eligibility for permanent residence and Lithuanian citizenship depends on the specific statutory requirements applicable to each procedure. Continuous lawful residence, permitted absence periods, language proficiency, constitutional knowledge, financial resources and public security considerations may be relevant. Not every administrative offence automatically disqualifies an applicant, and there is no universal requirement to spend exactly 180 days in Lithuania each calendar year. Citizenship by naturalisation is also subject to the applicable rules on existing nationality and renunciation of foreign citizenship, unless a statutory exception applies.
Company registration rules in Lithuania
It is not a problem for a foreigner to open a business in Lithuania, because the state system is open to investments from outside and the entry of foreign entrepreneurs into the local market.
Foreign nationals and legal entities may generally establish and own businesses in Lithuania, subject to applicable Lithuanian and EU legislation. However, restrictions may apply to persons or entities subject to international sanctions, foreign investment screening, national security requirements or sector-specific licensing rules. Establishing a company does not automatically grant a foreign national the right to reside or work in Lithuania.
Foreign entrepreneurs are not generally required to employ three local residents merely to establish a company in Lithuania. However, employment requirements may apply when a non-EU national seeks a temporary residence permit based on business activities. Under the standard business residence route, the company must generally employ qualifying full-time workers who are Lithuanian citizens, citizens of other EU or EFTA Member States, or foreign nationals permanently residing in Lithuania, with combined remuneration meeting the applicable statutory threshold.
Business registration forms in Lithuania
Like in any other country, there are several legal forms for starting a business in Lithuania. Below we will look at each of them:
UAB (closed joint stock company)
This is the most common form of entrepreneurial activity on the territory of Lithuania. It assumes the presence of the authorized capital, which in turn shall be divided into shares.
Special characteristics:
- The company’s liability is limited
- An individual may be the head of a joint-stock company who has both the status of a resident and a non-resident of Lithuania
- The minimum authorised share capital required to establish a Lithuanian private limited liability company (UAB) is EUR 1,000. The company’s shares must be subscribed for in accordance with the founding documents, and the applicable initial contribution requirements must be satisfied before registration. Any unpaid contributions must be made within the statutory period and in accordance with the company’s founding documents. The previous minimum share capital requirement of EUR 2,500 is outdated.
- A Lithuanian private limited liability company (UAB) may be established by one or more natural or legal persons. Lithuanian legislation no longer imposes the former general limit of 250 shareholders. The company’s ownership structure, share transfers and shareholder information reporting must comply with the Lithuanian Law on Companies and applicable registration requirements.
- The shares shall be registered only. A Lithuanian UAB is a separate legal entity with limited liability. Shareholders are generally not personally liable for the company’s obligations beyond their outstanding obligations to pay for subscribed shares. However, personal liability may arise in exceptional circumstances established by law, including where a shareholder’s dishonest actions contribute to the company’s inability to satisfy its obligations. Directors may also incur liability for breaches of their statutory duties.
TUB (full business partnership)
This form is opened on the basis of a contract, which is combined into a common share of individuals and legal entities.
Special characteristics:
- There is no need for a fixed share capital
- Unlimited liability
- The maximum number of participants shall be no more than 20
- All decisions shall be made by Director general with prior approval from employees
AB (open joint stock company)
Within the frame of this form of entrepreneurial activity, all shares of the company shall be openly distributed on the Lithuanian market.
Special characteristics:
- The owner decides for him- or herself how to dispose of the shares. Shareholders’ meetings are not needed
- The founder may be an individual or another company that operates both in Lithuania and abroad
- The existence of a supervisory board of 3-15 people
- The existence of a board of directors of at least 3 participants
- The minimum authorised share capital required to establish a Lithuanian public limited liability company (AB) is EUR 25,000. The company’s shares may be offered to the public subject to applicable securities legislation, including prospectus and other regulatory requirements where relevant.
IE (individual enterprise)
A single individual is the owner.
Special characteristics:
- No other sole proprietors in the IE
- Unlimited civil liability
- There is no need for the authorized capital, or rather there is no clear amount from and to
MB (small business)
Only an individual can be the founder of such an enterprise .
Special characteristics:
- The authorized capital shall be in the hands of the owners
- A Lithuanian Small Partnership (MB) may have a maximum of 10 members, all of whom must be natural persons. Legal entities cannot become members of an MB. The MB has no statutory minimum share capital requirement, and its members make contributions in accordance with the founding documents and applicable legislation.
- A Lithuanian Small Partnership (MB) is a private legal entity with limited civil liability. Its members are generally not personally liable for the obligations of the MB. However, personal liability may arise in specific circumstances established by Lithuanian law, including dishonest conduct or other legally recognised grounds for liability.
- The opportunity to invest in the development of the company not only money, but also any other property
- There were no other restrictions and rules from the state
Business registration procedure in Lithuania
Before starting the business registration procedure, the first thing you need to pay attention to is the possibility of business licensing in Lithuania. In the following areas, business is subject to mandatory licensing:
- Tourism and restaurant business
- Alcohol production-sale
- Radio broadcasting and media
- Gaming business (casinos, lotteries, etc.)
- Investment and construction business
- Sale of antiques
- Pharmaceutical business
Stages of business registration in Lithuania
- Choosing a name and checking through the registry for its uniqueness and compliance with language requirements. The proposed company name must comply with the applicable Lithuanian Civil Code requirements and the rules governing the registration of legal entity names. Name availability and compliance are assessed through the Lithuanian Centre of Registers. The State Commission of the Lithuanian Language establishes relevant language standards, but it does not individually approve every company name before registration.
- Choose a company registration form
- Specify the legal address
- Open an accumulation account with an eligible commercial bank or other qualifying financial institution and deposit the required initial share capital, where applicable. The Bank of Lithuania is Lithuania’s central bank and financial supervisory authority and does not ordinarily provide corporate bank accounts for newly established private businesses. Account opening is subject to the financial institution’s customer identification, beneficial ownership verification and AML/KYC requirements.
- Prepare the required incorporation documents and complete notarial certification where applicable. Lithuanian companies, including UABs and MBs, may be incorporated electronically through the Centre of Registers without notarial certification, provided that the statutory conditions for electronic registration are satisfied. These generally include the use of approved standard documents, accepted qualified electronic signatures and compliance with the applicable identification requirements.
- Register the company in the Register of Legal Entities
- Register the company in the social insurance fund
- Register a company with the tax service
After completing all the above steps, you will receive all the company’s documents and can start your business activities
Business taxes in Lithuania
- From 1 January 2026, the standard Corporate Income Tax rate for Lithuanian legal entities is 17%. Qualifying small companies may apply a reduced 7% rate, while eligible newly established companies may benefit from a 0% rate during their first two tax periods, subject to statutory conditions.
- From 2026, a preferential Corporate Income Tax rate of 7% is available to qualifying small companies with annual revenue not exceeding EUR 300,000, subject to applicable related-party and other statutory restrictions. The previous employee limit of 10 persons no longer applies. Lithuania has used the euro since 1 January 2015, and references to income thresholds expressed in Lithuanian litas are obsolete.
- Corporate Income Tax relief in Lithuania is not limited to agricultural businesses. Eligible newly established small companies may qualify for a 0% Corporate Income Tax rate during their first two tax periods. Other tax incentives may apply to qualifying research and development activities, commercialisation of eligible intellectual property, investment projects and businesses operating in free economic zones, subject to statutory conditions.
- The standard VAT rate in Lithuania is 21%. From 1 May 2025, mandatory VAT registration generally applies when taxable turnover from activities carried out in Lithuania exceeds EUR 45,000 during the current or preceding calendar year. VAT obligations may also arise from qualifying intra-EU acquisitions, cross-border services and other transactions regardless of whether the domestic turnover threshold has been exceeded. Certain exemptions and simplified VAT schemes may apply where statutory conditions are met.
Dividends on business in Lithuania
- The standard rate is 15%. There is also a preferential rate that only applies to holding companies
- Dividends distributed by Lithuanian companies to qualifying corporate shareholders may benefit from a participation exemption where the recipient has held, or intends to hold, at least 10% of the voting shares in the distributing company for a continuous period of at least 12 months, subject to applicable statutory conditions and anti-abuse rules. The exemption is not universally conditional on the distributing company having paid Corporate Income Tax at the standard rate. From 2026, dividends subject to Lithuanian Corporate Income Tax are generally taxed at 17%, while dividends paid to individual shareholders are generally subject to 15% Personal Income Tax, subject to applicable exemptions and tax treaty provisions.
Today Lithuania is one of the few countries where a foreigner can quickly open his or her own business. Registration of a Lithuanian company may be completed within several business days after the required documents have been prepared and submitted. However, opening a corporate bank or payment account is a separate process involving identity verification, beneficial ownership checks, assessment of the business model and compliance with AML/KYC requirements. Account opening may take longer, particularly for companies with foreign shareholders or complex ownership structures. Lithuanian company registration does not guarantee approval of a corporate bank account within a fixed timeframe.
If you decide to open a company in Lithuania, the specialists of Company in Lithuania UAB will be happy to help you with this, and advise you at all stages of starting a business in Lithuania.
